Visit our website: https://lendingcapital.net For more information & submit your application & upload required documentation and requirements.
We have several SBA approved lenders who are participating in the new SBA PPP Program. Fill out the application below along with the required documentation . Keep in mind that banks are presently only processing PPP loans for those who have an existing deposit or lending relationship with them (we do not have that rule). Banks also have certain statutory lending limits that our non-bank lenders do not – Many banks are not participating in the program
When do I Apply for the Loan?
- Starting on April 3, 2020, small businesses and sole proprietorship’s can apply to receive loans to cover payroll and other certain expenses.
- Starting on April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses.
Applying for Loan Forgiveness
To obtain loan forgiveness through the PPP, you will need to provide verification to your lender for the number of full-time equivalent employees and pay rates, payments on eligible mortgage, lease, and utility obligations. You must certify that these documents are true and that you used the forgiveness amount to retain employees and made eligible mortgage interest, rent, and utility payments. The lender must make a decision on forgiveness within 60 days.
Important Things to Note About the PPP:
- Loans will be made by lenders who are participants in the SBA’s Section 7(a) program and those lenders will also decide whether to accept a borrower’s application for forgiveness.
- Detailed accounting and complete record keeping will be vital to taking advantage of these provisions.
- The loan period for this program began on February 15, 2020 and will end on December 31, 2020.
Documents that will be required:
- IRS Form – 940 (Annual Payroll) If you use a PEO instead, please request the payroll annual statement
- IRS Form – 941 (Quarterly Payroll) We need all 4 quarters from 2019
- IRS Form – W9 (For any 1099 employees)
- Driver’s License Color Copy (For anyone with more than 20% ownership)
- Voided Check for the business account.
In addition the following information must be provided
- Number of Employees as of December 31st, 2019
- Number of Employees as of February 15th, 2020
- 2019 Annual Gross Revenue for the Business
- 2019 Payroll Cost
- Date started business
- Monthly Rent or Mortgage
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